Leading Real Estate Agency, CA Coastal Home, Outlines Five Important Issues People Tend to Overlook during Retirement Planning

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Leading real estate agency California Coastal Home, which serves Monterey Bay seniors and retirees, outlines five retirement issues that many Americans usually don’t think about until it’s too late.

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There’s a lot of places that tell seniors what they should do to help prepare for retirement, but they rarely touch on issues like long term care insurance, or advanced health care directives...

Retirement planning is something that every American goes through. While some are able to plan everything down to the minutest detail, many do not. As a result, many seniors may find themselves in hot water in the midst of retirement.

“Unforeseen things happen during retirement. Health changes, living locations, mobility, etc. must all be considered,” says Gregg Camp, a Seniors’ Real Estate Specialist (SRES) at California Coastal Home.

Mr. Camp goes on to say that “there’s a lot of places that tell seniors what they should do to help prepare for retirement, but they rarely touch on issues like long term care insurance, or advanced health care directives, which—if taken care of prior to retirement—can increase quality of life for many retirees.”

Therefore, Mr. Camp, in conjunction with California Coastal Home, has itemized five things that retirees should consider during retirement planning.

1.    Long Term Care Insurance

With benefits such as in-home care, and the increased cost of living in an assisted living facility, Mr. Camp places Long Term Care Insurance as one of the most important consideration for retirees.

According to Mr. Camp, “it’s imperative for seniors consider their family tree in looking at the idea that they may be living in assisted living facility at a certain point in life. It is financially imperative to purchase long term health care insurance early, but by no later than when they’re in their fifties to ensure that long term care cost issues won’t become major problems later on down the road.” Living at an assisted living facility in the Monterey Bay area, often costs in excess of $4000 per month, and many seniors don’t have the resources to pay for that. This is where Long Term Care Insurance comes into play. Good health is one of our most valuable things we have.

2.    Reverse Mortgage

Reverse mortgages allow home owners to access a portion of their home’s equity when they reach retirement age. An AARP survey conducted in 2006 shows that 93% of all retirees reported a positive effect on their lives after taking out a reverse mortgage. Reverse mortgages can also be used as a means of income during retirement—especially in an emergency, a feature that Mr. Camp describes as “vital to the well-being of any retiree.”

3.    Advanced Health Care Directives

Also known as a living will, an advanced health care directive outlines the action on behalf of a person, should said person no longer be able to make decisions due to any incapacity. This is especially important for seniors approaching retirement age. This is something one should have at any age and is free.

Mr. Camp advises that seniors looking to fill out an advanced health care directive should place the document “in a safe but readily available place in case it needs updating.” Some people even keep a copy of it in their car, in case of an accident.

4.    In-Home or Out-of-Home Care

Depending on individual preference, many people often time have a hard time deciding on in-home or out-of-home care. Mr. Camp says that “the decision in part rests on your physical and mental state. It is best to have an assessment to see what is best.”

For those who do choose in-home care, Mr. Camp says that the biggest issue lies with the fact that many seniors simply have not taken into account things like “ramps, motion sensors, security health alert systems or lower counters,” which can assist in living in-home longer and safely. Aging in place is what many hope to do and having your home changed to meet your changing need is often cost very effective.

5.    Hospice Care

Hospice care places emphasis on alleviating pain and providing comfort in the final days of a patient’s life. While a rather taboo subject amongst health care and retirement, it is imperative for retirees to have a good hospice plan in place. Knowing who will be caring for you is almost as important to you as the care you receive as it gives you piece of mind during this time.

Mr. Camp concludes that “while these five things are indeed extremely important in helping seniors develop a solid retirement plan, issues like having strong finances are still very important for a stress-free retirement.”

Mr. Camp is the seniors’ Real Estate Specialist (SRES) at California Coastal Home, a firm specializing in assisting seniors with retirement homes in the Monterey California area. For more information, please visit California Coastal Home's website here.

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Gregg Camp